West Vancouver home sells for $1.1 million over asking price

Another day, another Metro Vancouver home selling for a sky-high price.

In this case, a West Vancouver home sold within hours for $1.1 million over the asking price.

“I think was this one quite sharply priced at 2.988 [million dollars] and we had a ton of interest,” said Realtor Viv Harvey. “So we ended up with nine offers: the lowest was full price and all the way up to $4.1 million, which is where it sold.”

This is the latest home to draw the attention of buyers from everywhere, driving the price way up.

“The winning bid was an offshore purchaser and he will be building,” said Harvey. “He hasn’t quite decided whether he’s going to build for himself or to resell the property.”

This property in West Vancouver's Bayridge area was listed for $2.99 million, received nine offers and went for $4.1 million.

Photograph by: Royal Lepage Sussex , Special to The Sun

VANCOUVER -- A West Vancouver home is in contract to be sold for $1.1 million over its asking price of $2.98 million.

"We got nine offers with the majority of bids from local buyers, ranging from full price to $4.1 million," said Royal LePage Sussex listing agent Viv Harvey.

The winning bid of $4.1 million came from a mainland Chinese "offshore buyer who has a house here already. He is buying the land to build a house for himself or maybe to resell it. He hasn't decided," said Harvey.

While some observers say agents are sometimes pricing properties at lower numbers to spark multiple offers and a bit of competitive bidding, Harvey said this house "was sharply priced. We weren't overpriced and I was thinking possibly $3.5 million. We didn't really think it would be $4.1."

The 60-year-old, 4-bedroom, 3-bathroom rancher is outside of what have been the hottest areas of the West Vancouver real estate market, including the British Properties, Ambleside and Dundarave.

It is located further west in the Bayridge area at 4130 Burkehill Place and has had the same owners for some 30 years, said Harvey.

She added the property's 14, 375-square-foot lot is attractive for its private location on a quiet cul-de-sac, but mainly for its "completely unobstructed view."

"It really is the view. It's expansive from Stanley Park to Point Grey to the Straits to the Gulf and San Juan islands," said Harvey.

Stu Bell, another Royal LePage Sussex agent with listings in the area, took some clients to see the property. Considering the lot size and views, the asking price could have been in the "high 3s" rather than $3 million.

"There is huge demand for view properties from Chinese and Middle Eastern investors," said Bell. "They are willing to pay a bit more of a premium and look at the long term for trophy properties with larger lots, views, and (that are on) good streets."

"You can't really gauge what people are willing to pay," said RE/MAX Masters Realty agent Shahin Behroyan, who represented the buyer. "The view properties have become quite rare."

He added with more developers and builders also active in the market — buying, renovating or rebuilding homes and then selling them for a premium — other buyers are feeling more motivated than ever to "pay more for the land" and build themselves.

Bidding war gets Vancouver homeowners more than $1 million over their asking price

The 1,832-square-foot home has a cathedral ceiling, a mid-century fireplace and windows on three sides overlooking the pool terrace.A West Vancouver home that was listed at $2.98 million received nine offers and is now in contract to sell at $4.1 million. That’s 37 per cent over asking.

Lived in by the same family for 30 years, this 60-year-old bungalow isn’t extraordinary, really, with its four bedrooms and three bathrooms.

“Currently there is a charming and very livable four-bedroom home on this magnificent piece of land, however, this is definitely a builders dream come true!” says listing agent Viv Harvey of the 1,832-square-foot home.

The great room has a cathedral ceiling, a mid-century fireplace and windows on three sides, from which the new owner can look out over the pool and on to the passing ships heading in and out of Vancouver Harbour. The kitchen has updated stainless steel appliances, but the cabinets date from the early 1980s.

Harvey told the Vancouver Sun that the house “was sharply priced. We weren’t overpriced and I was thinking possibly [it would go to] $3.5 million. We didn’t really think it would be $4.1.”

Royal LePage Sussex

The home has views from Stanley Park to Point Grey to the Straits to the Gulf and San Juan islands.

What brought such interest to the property outside the city’s real estate hot spots of British Properties and West Vancouver’s Ambleside and Dundarave areas was likely the views.

Were Mark Twain around today, he might update his saying “Buy land, they’re not making any more” to “Buy land with a view, they’re not making either any more.”

With development increasingly encroaching on views, even in the hilly lower mainland, this Bayside home has sightlines “from Stanley Park to Point Grey to the Straits to the Gulf and San Juan islands,” says Harvey, of Royal LePage Sussex.

“You can’t really gauge what people are willing to pay,” said the buyer’s agent, Shahin Behroyan of Re/Max Masters Realty. “The view properties have become quite rare.”

Royal LePage Sussex

Listing agent Viv Harvey said the house "was sharply priced. We weren't overpriced and I was thinking possibly [it would go to] $3.5 million. We didn't really think it would be $4.1."

From downtown Vancouver, Bayside is accessed with a drive through Stanley Park, over the Lions Gate Bridge and west along the Sea-to-Sky Highway, about 30 minutes with good traffic flow. The neighbourhood is minutes from the ski hills at Cypress Mountain and the hiking trails surrounding the giant fir trees in Lighthouse Park.